Press release
Cannabis* Testing Global Market Report 2024 - By Trends, Size, Share, Growth, Forecast To 2033
Cannabis* Testing Market
The cannabis* testing market size is expected to see rapid growth in the next few years. It will grow to $6.05 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to continued legalization, stricter regulations, quality control in cultivation, genetic testing, increasing research and development, public awareness and education. Major trends in the forecast period include technological advancements, quality control in cultivation, microbial testing, cannabinoid* profiling, testing for pesticides and residues.
Market Overview -
Cannabis* refers to the analysis of an individual sample of cannabis* that is examined to determine tetrahydrocannabinol, cannabidiol*, and terpene levels, as well as impurities such as residual solvents, mold, pests, disease, or pesticide residue. The cannabis* test is used to relieve stress, muscle pain, nausea, and vomiting.
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The Rising Role Of Cannabis* In Healthcare Fuels Growth In The Cannabis* Testing Market
The growing usage of cannabis* as a medicinal product is expected to propel the growth of the cannabis* testing market going forward. Cannabis* is used to relieve tension and muscle problems, as well as to lessen nausea and vomiting following chemotherapy. As a result, the use of cannabis* as a therapeutic substance is increasing. Cannabis* also calms epileptic seizures in the brain and has the beneficial effect of damping down seizure intensity. For instance, in 2022, according to the World Health Organization, among the 147 million world population, 2.5% of people consumed cannabis*. Therefore, the growing usage of cannabis* as a medicinal product drives the growth of the cannabis* testing market.
Competitive Landscape -
Major companies operating in the cannabis* testing market report are Thermo Fisher Scientific Inc., Danaher Corporation, Merck KGaA, SGS Canada Inc., Eurofins Scientific SE, Agilent Technologies Inc., Sartorius AG, PerkinElmer Inc., Shimadzu Corporation, Waters Corporation, Ab Sciex LLC, LGC Limited, Tentamus Group, Phenomenex Inc., Saskatchewan Research Council (SRC), Restek Corporation, SC Laboratories, Anresco Labs, Praxis Labs, Accelerated Technology Laboratories Inc., GreenLeaf Lab, ACT Laboratories, PharmLabs LLC, Abko Labs, BelCosta Labs, Medicinal Genomics, CW Analytical Laboratories Inc, DigiPath Inc, CDX Analytics, Steep Hill Halent Laboratories Inc.
Strategic Partnerships Propel Advancements In The Cannabis* Testing Market
Strategic partnerships have emerged as the key trend gaining popularity in the cannabis* testing market. Major companies operating in the cannabis* testing market are undergoing partnerships to strengthen their position. For instance, in March 2022, Digipath Inc., a US-based cannabis* testing laboratory, partnered with CASPR Technologies, a Nigeria-based provider of smart environmental indoor technology for healthcare. Through this partnership, Digipath will test and validate the efficacy of CASPR's technology in botanical applications, specifically for cannabis* and hemp.
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Key Segments -
The cannabis* testing market covered in this report is segmented -
1) By Test Type: Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing, Other Test Types
2) By Technology: Chromatography, Spectroscopy, Other Technologies
3) By Portability: Standalone, Hand Held Devices
4) By End User: Testing Laboratories, Drug Manufacturers, Research Institutes, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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